BitMEX Co-founder Chooses Ethereum Over Solana, Predicts ETH Price to Reach $5,000
Arthur Hayes, co-founder of BitMEX, has revealed that he sold his holdings in Solana (SOL) and bought more Ethereum (ETH) despite SOL’s recent bullish momentum. In a tweet, Hayes explained that he received inspiration to support Vitalik Buterin’s Ethereum as the price of SOL soared. He also predicted that the price of ETH would reach $5,000, which represents a significant increase from its current value of $2,285. However, some users on social media found his predictions shocking and doubted that ETH could reach such a high price in just a few months.
Institutional Investors Remain Bullish on ETH
Institutional investors continue to show confidence in Ethereum. While Bitcoin attracted substantial institutional inflows during the first half of 2023, Ethereum experienced slower growth even with the introduction of futures ETFs. Despite this, wealthy managers still back Ethereum due to favorable market indices and the potential for future inflows through staking on various platforms.
Solana Continues to Perform Well
Solana has become an institutional favorite this year with consistent weekly inflows into its investment fund. It has surpassed Ripple (XRP) in terms of market capitalization and briefly overtook Binance Coin (BNB). Currently ranked fifth by market cap, Solana has seen a 17% increase in the past seven days and a remarkable 67% growth over the last month.
Hot Take: BitMEX Co-founder’s Bold Move
BitMEX co-founder Arthur Hayes has made a bold move by selling his Solana holdings and increasing his investment in Ethereum. Despite SOL’s recent bullish momentum, Hayes has chosen to support Vitalik Buterin’s Ethereum and predicts that the price of ETH will reach $5,000. While some are skeptical of this prediction, institutional investors remain bullish on ETH and see potential for future growth through staking and other factors. Solana, on the other hand, continues to perform well in the market, attracting significant institutional inflows and climbing in terms of market capitalization.
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